Expert predicts success for India’s journey to becoming a developed nation
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Kochi: Amid a flurry of reports about India facing an economic downturn, an expert’s predictions at the Manorama Sampadyam Kerala Business Meet 2025 have provided a boost to the nation’s aspirations of achieving the status of a developed country
Prince George, Economist and Managing Director of Doha Brokerage and Financial Services, expressed optimism about India’s economic future during his address at the event, held at Hotel Grand Hyatt, Kochi on Thursday. According to him, India is well-positioned for growth as the conditions necessary for its development are firmly in place.
Acknowledging reports of an economic down slide over the past 3 to 4 months, George asserted that the economy is poised for a rebound. He attributed the downturn to factors like Foreign Investors withdrawing from the equity market, geopolitical conflicts such as the Russia-Ukraine war and the Israel-Palestine issue, and internal economic challenges.
Another contributing factor, he noted, is the uncertainty surrounding US economic policies under a possible Donald Trump administration. Trump’s stated plans for significant changes in taxation and immigration have sparked global concern.
Over the past year, the US dollar has grown by 7%, while other currencies have weakened. However, the U.S. economy may not sustain such significant changes and this reality will become evident once Trump assumes power.
Looking ahead, Mr. George expects India’s upcoming central budget to address pressing economic concerns, such as tax issues, bureaucratic hurdles, and other barriers to business operations. While these challenges have long existed, he believes the current environment is conducive to change.
Key factors supporting such a change include its youthful population, stable governance, and widespread adoption of digital systems for public good. Initiatives like Make in India and the steady inflow of foreign investments, despite the exit of Foreign Institutional Investors (FIIs), further bolster the country’s growth prospects.
A standout example of India’s economic resilience is the robust growth of its capital market. Last year, 268 companies were listed on the National Stock Exchange, including 178 MSMEs. In comparison, only 1,145 companies were listed globally during the same period, with China contributing just 101.
“This growth underscores the strength of India’s internal economy,” he emphasised. With favorable conditions and continued reforms, George believes India’s ambition to become a developed nation is achievable, offering a positive outlook amid global economic uncertainties.